5 Vital Product Sourcing Tips for Ecommerce Businesses in 2019
Smart and efficient product sourcing will elevate an ecommerce business to new levels. Follow these vital product sourcing tips.
With there being $501 billion in eCommerce sales during 2018, you would think that there would be someone out there that would buy your product. But the best marketing in the world won’t save you if you don’t have a product people want. That’s why it’s critical to find the right product first before you start investing in marketing.
The question is, how can you use product sourcing to find things your customers will love? Find out below.
1. Do Your Market Research
A lot of business jump right on a product that they think is cool. While there are some neat things out there, that doesn’t mean that everyone wants to buy them.
Start by examining the people who visit your store or you believe would be interested in visiting. What kinds of products do they like?
Answering this will help stop you from sourcing products nobody wants to buy.
2. Head to Trade Shows
You can’t find everything on the internet. Sometimes it takes a more hands-on approach. Trade shows are one of the best ways to get in the field with other sellers.
The good thing about a trade show is that you have a chance to see products before they hit the market. This gives you a first-mover advantage against your competition that doesn’t attend shows.
3. Research Local Producers
Global sourcing and procurement is all the rage these days, but it isn’t your only option. If you look at local businesses near you, the chances are that you’ll find plenty of products you can sell.
Even if a local manufacturer is more expensive than one overseas, ask yourself how much you’re saving in shipping products that are far away. On top of that, you can advertise them as locally made to appeal to communities that love local products.
4. Don’t Always Buy in Bulk
Buying in bulk is great for saving money. But it isn’t always the best choice. Before you commit to large orders, you need to know if you can move your product at a reasonable rate.
If you buy in bulk and have problems selling your product, all your money is tied up in inventory. This will stop you from trying other products and expanding your business to other areas.
5. Always Get Samples Before Buying
Yes, it’s exciting to get your first order in. But a common mistake people make when sourcing product is buying in bulk before getting a sample of their product.
A sample will give you a chance to work with your product and see how it holds up over time. Doing this will help stop bad products from getting into your customer’s hands.
Never Stop Product Sourcing for Your Business
The eCommerce space is changing every day. If you don’t keep up with the latest trends, then your competitors will leave you behind. Make sure you use product sourcing to find the latest and greatest products that your customers will love.
But getting great products is only one piece of the puzzle. Head back to our blog to learn the latest digital marketing techniques that will help grow your business.